A poor session, in the emptiness sheet – Tusk's fault. Pogrom on the energy sector, Rafako course on afterburners
European stock markets continued to grow clearly, but indexes on the WSE scored the fault of Donald Tusk. The Prime Minister repeated the narrative well known from the rhetoric of the United Right rule about the most important maximization of the profits of state -owned companies, especially the energy sellers. On the other hand, he delighted those investing in Rafako, which he is to produce after the state investment for the defense sector.
On Tuesday, WIG20 gained 0.39 percent, with the height of DAX P 1.6 percent, with which it was heavily correlated in recent days. WIG went up by 0.41 percent In turn, MWIG40 gained 0.43 percent, and SWIG80 0.7 percent Increases against the background of Europe, where indexes grew by over 2 percent. (The Netherlands, Italy, Spain, Austria), so they were conservative, and it was hardly missing that WIG20 ended under the line.
The turnover was lower than in recent days, when they exceeded PLN 2 billion and summarized at PLN 1.45 billion, of which PLN 1.2 billion concerned companies from WIG20. The declines dominated in the second part of the session. Referring to the poem by Wojciech Młynarski and Bon Motets of the opposition, it can be written that the poor session was the fault of Tusk, about which below. Turning in the wide market reached PLN 2.13 billion, of which PLN 1.76 billion concerned companies from WIG20.
The stock markets are corrective reflection, after initially the hard customs policy of the USA, the President Donald Trump took a few steps back, whether delaying the introduction of elevated customs rates by 90 days, or using exceptions to China for key goods from the technology industry, which constitute the largest part of imports from your Middle Kingdom in terms of value. For now, the retaliation has also suspended the EU to give the negotiators to reach an agreement.
On this wave WIG20 in the morning he still gained nearly 2 percent, referring to clear daily increases in the base markets, which are recently new normal. Even before the expiry of the trading hour and before the Central Statistical Office confirmed the initial respect of inflation, the index began to give up the morning increase. It is true that DAX also weakened at the same time, and the dollar began to reflect from nearly 4-year minima, but the events on the domestic court gained momentum when information messages began to flow in the morning speech of Prime Minister Donald Tusk to the participants of the European Forum of New Ideas in Warsaw, after which WIG20 even fell under the line.
The prime minister said, among others that “State Treasury companies, also listed on the stock exchange, are not necessarily to maximize profit.” Pointing to their managers, he said that in the case of an energy company, the basic task “is to ensure the Polish Energy Security, Polish families, Polish households and Polish entrepreneurs – as cheap as possible energy, widely available.” Prime Minister Mateusz Morawiecki and the then minister of state assets Jacek Sasin accepted a similar narrative.
This is a big blow to the expectations of investors as much as possible profits and possibly their reinvestment in the development and/or deposit of dividends, not participation with society at rising prices, which are the result of neglect of subsequent governments in the area of energy transformation. He also raises the obvious question about the purpose of maintaining such companies on the stock exchange and at the same time exposes the approach of politicians of each option to exercise power to companies where the State Treasury has significant shares. Treating them like a private farm was to go into oblivion, but the new quality did not come, the quotes were almost the same, but their authors changed.
The whole political message reflected the most on energy companies. The PGE exchange rate from WIG20 dropped by 8.27 percent, although during the day the decreases amounted to over 10.5 percent. From MWIG40, the Tauron exchange rate dropped by 4.47 percent, Enea gave only 0.15 percent, the cogeneration that showed the results, lost 2.19 percent, Energa from the Orlen group fell by 0.88 percent, and before the session she published the results. WIG-Energia has fallen by 4.45 percent And he was the worst industry index on Tuesday. Behind him were fuels (-2.93 percent).
Moved annual results were also shown by Orlen himself (-3 percent), where the supply also dominated in Tuesday trade. Considering that due to earlier information about copies affecting the net profit and the results already shown for the fourth quarter, there can be no surprise, this clear decline can also be partly explained with the words of the prime minister. After the absorption of PGNiG, Orlen is the largest gas distributor in Poland, and besides, he has the energy energy in his group. It was also loud about the NIK report on errors and losses at the merger with Lotos. According to the President of the Supreme Audit Office, “incorporating synergy in the settlement of the Fusion Orlen-Lotos misled shareholders.”
Most courses of State Treasury companies from WIG20 showed the impact of political events of the day. PZU shares, whose president Andrzej Klesyk in an interview with the “dance floor” said that the company should be worth about PLN 70 billion (40 percent more than now) caught up by 0.78 percent. The qualities of KGHM fell by 0.91 percent, although here the main factors could have been the lowering price of copper. On the other hand, a total of 14 companies had a total of rates in WIG20, but remember that the number and share of state -owned companies are decreasing every year. Currently there are 7 of them.
Including 3 banks, which, apart from Alior (-0.55 percent), coped quite well with political pressure. Although during the session PKO (2.25 percent) or Pekao (2.41 percent) rates responded to the deterioration of investment sentiment, they finally ended the session again in solid pluses. On Monday after the session, Pekao published a strategy for 2025-2027. However, the most powerful in WIG20 on Tuesday were CCC shares (2.71 percent). It is also worth mentioning Santander (2.18 percent), which ZWZ decided that day to pay a dividend of PLN 46.37 per share.
From the wide market, the most attention was paid to what happened in the trade in Rafako shares (45.82 percent), where the cards were also distributed by Prime Minister Donald Tusk, saying that “the state would invest some money in Rafako” and suggested that the company could switch to reinforcement production, about which in the article “Prime Minister Tusk wants to save Rafako. Words about reference production. Catapulting the company's course. ” Let us add that the advantage of buying orders at each price and roof order sheet on the sales side, compared to the other side, meant that Rafako trade before 12.00 was suspended. Polimex (16.48 percent) is also involved in the Rafako weapon in capital and resumption of production.
From less political and glider matters, although with the prepared strategic agreement of Poland with France, this information may also have a second bottom, it is necessary to mention the investment proposal from the French market, which was received by Datawalk (6.18 percent). The offer assumes the company's shares at PLN 77.76. On Tuesday, the course closed at PLN 77.
Michał Kubicki
